The Internet has been the biggest disruptive innovation in the past decade, affecting the lives of everyone around us. What does it mean for businesses and, more specifically, their marketing departments, to operate in the digital world of today?
Effective Marketing and Brand Management has been the vital differentiator of successful and unsuccessful businesses for many decades now. The extensively networked world of today that the Internet has built, is changing the landscape of marketing and brand management like never before. In this scenario, the traditional rules of marketing are being challenged every day. While the why of marketing and brand strategy has remained unchanged over time, the how needs to be reinvented in today’s world.
The 4 P’s of marketing has been a staple in brand strategy of all successful businesses since the term “marketing mix” was distilled into its 4 components by E. Jerome McCarthy in the early 1960s. The advent of the Internet, however, has changed consumer like never before. There is no doubt that brands need to rethink the 4P’s of Product, Place, Price and Promotion to stay relevant in the marketplaces of today. Here’s a quick glance at some of the new facets of the 4 P’s in the digital world:
Promotion: Promotion is perhaps the most widely affected pillar of the 4 Ps in marketing. With increased marketing intelligence and insights into consumer behaviour, marketers and brand managers are today able to target their communication with extremely high degrees of precision and accuracy. The ability to accurately target brand communication has changed the way marketers look at Promotion, forever.
Product: In the digital marketplace, the focus on the Product has remained, but has been supplemented by the user experience. While the digital marketplace may sell the same products as a physical store, the customer experience is vastly different because it lacks several components of the buying experience, such as touching the product, talking to an assistant, and so on. This has been replaced by the focus on the digital user experience, like customer base preferences, product comparison, and the onus today is on the UX (user experience)
Place: Places for brand visibility and customer outreach in the virtual world are largely dependent on the positions at which the brands apprear in search engine ranking pages, organic as well as paid visibility and the overall brand presence in social media.
Price : While this is among the least changed P in the marketing mix, the increased visibility of competitor pricing has also caused a significant change in the overall brand strategy of a successful business. New trends include price offers, discount offers on continuous purchases and the increasing relevance of competitive pricing as consumers expect better product pricing from digital marketplaces.
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